UPDATE: Piper Jaffray Upgrades Alexza Pharmaceuticals to Overweight on Adasuve Market Adoption
In a report published Wednesday, Piper Jaffray analyst Charles C. Duncan upgraded the rating on Alexza Pharmaceuticals (NASDAQ: ALXA) from Neutral to Overweight, and raised the price target from $5.00 to $10.00.
In the report, Duncan noted, “Our outreach to ER physicians, psychiatrists, and opinion leaders points to several factors that enhance our conviction on both the near- and longer-term market potential for Adasuve versus our previous projections. Additionally, we believe Adasuve clinical attributes underlying our new perspective bode well for a value-added partnership being signed soon to enable effective launch in 3Q13. We anticipate several metrics for tracking early Adasuve commercialization, including P&T committee decisions, formulary acceptance, initial and new orders, as well as physicians completing the REMs program and progress with the Phase IV study, which may or may not be reported by Alexza.”
Alexza Pharmaceuticals closed on Tuesday at $4.39.
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